Articles Tagged with Ponzi Scheme

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On Tuesday, October 2, 2012, several former employees of Bernard L. Madoff Investment Services LLC (“BLMIS”) pleaded not guilty to a thirty-three (33) count indictment. The group of former employees who pleaded not guilty on October 2nd included Daniel Bonventre, a former back office employee, Annette Bongiorno, BLMIS’s former supervisor and account manager, Joann “Jodi” Crupi, and Jerome O’Hara and George Perez, two (2) former BLMIS computer programmers. Originally, the US Attorney charged the five (5) former employees with seventeen (17) criminal counts in November 2010, and recently added counts of conspiracy, securities fraud and tax evasion for a total of thirty-three (33) counts. Although defense attorneys stated that they will be filing motions to dismiss based upon the newly alleged criminal counts, the case is expected to proceed to trial in October 2013 and will center around the former employees’ alleged role in the BLMIS Ponzi scheme. Indeed, the jury selection is set to begin on October 7, 2013 and the presiding Judge will reserve approximately three and one half months to hear the trial. Based upon the trial schedule, it is likely that the criminal trial of these former BLMIS employees will conclude on the 5 year anniversary of Bernard Madoff’s guilty plea in December 2008. The trial will take place in the District Court for the Southern District of New York before the honorable Laura Taylor Swain. To date, eight (8) people, including Bernard Madoff, have pleaded guilty to the government’s criminal charges. Lax & Neville LLP represents numerous Madoff victims in SIPC Claims and clawback litigation. If you are a defendant in a Madoff clawback litigation, feel free to contact the firm for a free consultation.

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